Trade Balance in Nigeria

Nigeria Trade Balance | Economic News & Forecasts

Nigeria - Trade Balance

Economic growth slowed in the third quarter, driven by easing momentum in the non-oil sector as industrial output tumbled and services and agricultural activity lost steam. However, the pace of expansion remained solid nonetheless, and the oil sector’s contraction eased in the quarter. Turning to the final quarter of the year, the PMI rose again in November, pointing to firming economic momentum. Meanwhile, in late November the government announced the abolishment of fuel subsidies from mid-2022 onwards. The subsidy has benefited those who can afford a vehicle, rather than low-income families. Instead, the government aims to introduce a monthly allowance of USD 12 for low-income households for six months to a year. That said, the implementation could be delayed given the government’s history of backtracking on price liberalization.

Nigeria - Trade Balance Data

2015   2016   2017   2018   2019  
Trade Balance (USD billion)-6.4  -0.5  13.1  20.5  2.9  

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Note: Trade balance in USD bn.
Source: Central Bank of Nigeria

Nigeria Facts

Value Change Date
Bond Yield11.100.0 %Dec 31
Exchange Rate306.53.08 %Jan 01
Stock Market0.10.0 %Jan 07

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